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Bitcoin traded higher on Wednesday as investors positioned ahead of a widely expected U.S. Federal Reserve interest-rate cut later in the day. However, upside momentum remained constrained by growing expectations that the central bank will pair the cut with hawkish forward guidance.
By 01:55 ET (06:55 GMT), Bitcoin was up 1.2% at $92,672.7, after briefly moving above $94,000 on Tuesday. The world’s largest cryptocurrency has been largely rangebound this week, stabilizing after one of its steepest monthly declines in years during November’s broad risk-off environment.
Fed Expected to Deliver a Hawkish Cut
Markets are pricing in more than an 85% chance of a 25-basis-point rate cut at today’s Fed meeting.
But traders increasingly expect:
- Powell to warn against aggressive easing,
- Emphasis on elevated inflation risks,
- Clear divisions among FOMC members,
—all of which could signal that additional cuts in early 2026 are far from certain.
A hawkish tone could:
- Lift the U.S. dollar,
- Push Treasury yields higher,
- Reduce demand for non-yielding risk assets like Bitcoin,
- Cool inflows into crypto-linked ETFs, which had surged earlier this year during the AI-driven investment boom and accelerating institutional adoption.
With volatility elevated and global markets steadying ahead of the announcement, analysts expect Bitcoin to remain in a tight trading band until the Fed delivers clarity later today.
Regulatory Boost: U.S. Banks Cleared to Broker Crypto
Sentiment received a separate lift after the U.S. Office of the Comptroller of the Currency (OCC) said national banks may now act as intermediaries in cryptocurrency transactions.
Banks will be allowed to conduct riskless principal trades—buying and immediately reselling digital assets on behalf of clients without holding them on their own books.
This marks a significant step toward integrating traditional finance (TradFi) and crypto markets, lowering barriers between regulated banks and digital-asset trading.
Crypto Market Today: Altcoins Outperform
Altcoins outpaced Bitcoin’s gains, with broad-based strength across the market:
- Ethereum (ETH) jumped 6.8% to $3,323.92
- XRP rose 2% to $2.08
- Solana rallied 5%
- Cardano surged 9%
- Polygon climbed 2.5%
- Dogecoin and $TRUMP each added nearly 4%
